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IMF staff papers

Robert Flood

Editor and Committee Chair

Ayhan Kose

Co-Editor

David Einhorn

Assistant Editor

Editorial Committee

Eduardo Borensztein

Tito Cordella

Giovanni Dell’Ariccia

Enrica Detragiache

Atish R. Ghosh

Olivier Jeanne

Andrei Kirilenko

Laura Kodres

Prakash Loungani

Donald J. Mathieson

Gian Maria Milesi-Ferretti

Chris Papageorgiou

Jorge Roldos

Antonio Spilimbergo

The objective of IMF Staff Papers is to publish high-quality research on a variety of topics of interest to a broad audience including academics and policymakers in the member countries of the Fund. IMF Staff Papers is open to outside submissions. The papers selected for publication in the journal are subject to an extensive review process using both internal and external referees. IMF Staff Papers also welcomes outside comments, criticisms, and interesting replications of published work. The views presented in published papers are those of the authors and should not be attributed to or reported as reflecting the position of the IMF, its Executive Board, or any other organization mentioned herein.

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Telephone: (202) 623-7430

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E-mail: publications@imf.org

Internet: www.palgrave-journals.com/imfsp

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International Monetary Fund

Volume 56 Number 3

IMF staff papers

2009

Editor’s Note

The Editor invites from contributors outside the IMF brief comments (not more than 1,000 words) on published articles in IMF Staff Papers. These comments should be addressed to the Editor, who will forward them to the author of the original article for reply. Both the comments and the reply will be considered for publication.

The data underlying articles published in IMF Staff Papers (where available) may be obtained from the journal’s website (www.palgrave-journals.com/imfsp). Readers are invited to use these data to expand on the material in the articles, and the journal will consider publishing such work.

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© 2009 by the International Monetary Fund

ISBN 978-1-58906-795-0

International Standard Serial Number: ISSN 1020-7635

This serial publication is catalogued as follows:

International Monetary Fund

IMF staff papers—International Monetary Fund. v. 1– Feb. 1950– [Washington] International Monetary Fund.

v. tables, diagrs. 26 cm.

Three no. a year, 1950–1977; four no. a year, 1978–

Indexes:

Vols. 1–27, 1950–80, 1 v.

ISSN 1020-7635 = IMF staff papers—International Monetary Fund.

1. Foreign exchange—Periodicals. 2. Commerce—Periodicals. 3. Currency question—Periodicals.

HG3810.15

332.082

53-35483

Contents

• Trade Openness and Growth: Pursuing Empirical Glasnost

  • Andreas Billmeier and Tommaso Nannicini

Contents

• Public Debt, Money Supply, and Inflation: A Cross-Country Study

  • Goohoon Kwon, Lavern McFarlane and Wayne Robinson

Contents

• Net Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies

  • Woon Gyu Choi, Sunil Sharma and Maria Strömqvist

Contents

• Special Section Current Account Sustainability in Major Advanced Economies

• Introduction

• Akito Matsumoto

Contents

• Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets

  • Charles Engel and John H. Rogers

Contents

• Global Dispersion of Current Accounts: Is the Universe Expanding?

  • Hamid Faruqee and Jaewoo Lee

Contents

• How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?

  • Carol C. Bertaut, Steven B. Kamin and Charles P. Thomas

Contents

• Asset Prices and Current Account Fluctuations in G-7 Economies

  • Marcel Fratzscher and Roland Straub

Contents

• Global Imbalances, Productivity Differentials, and Financial Integration

  • Suparna Chakraborty and Robert Dekle